The prototype has been designed for “real time issuance and allocation of equity securities” and is the “first step towards the objective of building an instantaneous settlement-and-transfer-upon-trade” platform, APX Settlement said.

“APXS intends to extend the smart register beyond equity securities to commodities markets, opening up opportunities for government and industry to transform markets currently hampered by antiquated structures and technology,” the company added.

It is working alongside a number of organisations to design the platform, APX Settlement chief executive David Lawrence said.

“We are working with government, regulators, the Australian Digital Currency and Commerce Association and our expanding group of industry partners to deliver innovative solutions using new technologies.

“Our ongoing program of development highlights the need for a technology agnostic regulatory environment to fully maximise the value of the emerging technology and competition,” he said.

Bit Trade Labs director Jonathon Miller added that “taking a bold approach to development and working closely with collaborators” on the smart register has been an effective strategy.

“The scale of value and efficiencies that can be achieved through the use of a smart register promise to far exceed our initial expectations,” Mr Miller said.